NEW YORK (TheStreet) -- Anheuser-Busch InBev (BUD) shares are down 2.74% to $121.08 in afternoon trading on Monday as a potential bid for Johnnie Walker and Crown Royal manufacturer Diageo (DEG) is far off, according to the Wall Street Journal.

Reports that 3G, a private equity firm that owns a stake in Anheuser Busch, was in talks to purchase Diageo sent both stock rising in afternoon trading on Friday.

However, the Journal notes that no deal is imminent as U.K.-based Diageo has not filed the proper regulatory papers necessary to begin takeover discussions.

"Under U.K. takeover rules, companies subject to bid speculation are required to inform the Takeover Panel, an independent body which supervises and regulates takeovers, if talks are taking place in the event of a "material or abrupt movement" in share price," the Journal said.